The launch will coincide with the iPhone 5's in September (Maybe)

Some analysts think Apple will announce the television this fall when it announces the iPhone 5. That would be around the same time that the second Apple TV was announced, and just in time for the holidays.

It will run the same OS as the current Apple TV

The television will run iOS, just like the current Apple TV does. Think of it as Apple TV without the box.

You'll be able to download apps from the App Store (Likely)

The Apple TV set may finally allow developers to create apps for the platform. Google TV will be getting access to the Android Market, so it makes sense for Apple to do the same. Plus, who doesn't want to play Angry Birds in their living room?

iCloud support for storing your movies and shows (Likely)

Associated Press

Analyst Gene Munster speculated that iCloud could be used to store TV shows and Movies you've purchased from iTunes and beam them to your Apple TV. There will be no need to suck up too much space on your hard drive.

Apple will partner with manufacturers to sell branded sets (Unlikely)

SamsungTomorrow

Just like Google brands Google TV sets made by Sony and the like, Apple may do the same by allowing third parties to make its TVs.

Still, Apple may consider licensing AirPlay to other manufacturers while working on its own TV set (Unlikely)

We don't see much credibility in rumors that Apple will enlist Samsung and others to make Apple TV sets. But it is possible it will license AirPlay to those manufacturers, allowing users to access their iTunes library from their PCs or iDevices.

While that may help drive iPhone and iPad sales, we still think Apple prefers to keep its TV business under its own brand, not a competitors.

Everything will be controlled from your iPhone or iPad (Likely)

Expect Apple to build deeper integration between the TV, iPad, and iPhone. You can already use iDevices as a remote control, but expect Apple to up the ante by letting you do everything from purchase new shows to swap content.

The set could be as large as 50 inches (Unlikely)

Analyst Gene Munster also says Apple has suppliers that make it possible to make TVs as large as 50 inches. While that's impressive, we think Apple will want to make a mid-sized, affordable set that will fit in most people's living rooms.

No more Netflix (Unlikely)

Netflix was a major selling point for the latest model of the Apple TV, so it's unlikely it will go away. However, it does seem likely Apple will continue to ignore Hulu Plus as it is a more direct competitor with iTunes.